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Posted Tue, 23 Jan 2024 21:57:36 GMT by
I am a tax resident in UK. (domiciled in the UK) I also had a stock account outside Uk under my sole name but all the monies and stocks here belongs to my mother. The stock were kept here more than 10 years. My mother is an ailliteracy person and so she can't manage the stock account on her own. She never been to UK. Hence, all the revenue/monies will not be remitted to UK. The total amount is not large enough to establish a trustee for management on behalf of my mother. However, I had submitted the tax return for the past tax years and paid the tax already but not included these dividend and interest in this account as all the assets belongs to mother. The dividend and interest from this portion does not exceed the tax limit for this part but if counted onto my income, it would exceed the limit and caused me to pay the tax. Please advise the way forward.
Posted Thu, 25 Jan 2024 23:50:05 GMT by
Dear Officer, Could anyone help me to direct a way as I have to complete the tax return before the deadline. Please advise if amend the submitted tax returns, any penalty will impose to me? Thank you.
Posted Fri, 26 Jan 2024 14:06:56 GMT by HMRC Admin 25
Hi edmond00,
As the account is in your name, you would be the one to declare the income unless you had it in writing that you are not the beneficial owner of the income.
As non domiciled, you can declare income under the remittance basis:
Paying tax on the remittance basis (Self Assessment helpsheet HS264)
Thank you. 
 
Posted Fri, 26 Jan 2024 15:20:36 GMT by
Good day Officer, Thanks for your reply. However, since I am a domiciled already and how can I declare these assets even though under my named account but should be belonged to my mum? Please advise how to declare to HRMC and please also advise what documents needed. I have asked the trading platform that these transactions over 7 years have no record could be provided. I am looking forward to hearing from you. Many thanks.
Posted Tue, 30 Jan 2024 17:47:01 GMT by HMRC Admin 8
Hi,
You would need to provide a declaration of trust showing that you are not the beneficial owner of the assets. this needs to be witnessed by a third party (not a relative).
Thankyou.
Posted Wed, 31 Jan 2024 14:26:10 GMT by HMRC Admin 25
Hi edmond00,
If you amend the return and pay any additional tax due, if applicable, by 31/01/24 no penalties will be charged.
Thank you. 

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